January 17, 2021

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Ray McGuire to leave Citigroup to run for mayor of New York


Ray McGuire, vice chairman of Citigroup Inc., speaks during a Bloomberg Television interview at the Milken Institute Global Conference in Beverly Hills, California, April 29, 2019.

Patrick T. Fallon | Bloomberg | Getty Images

Ray McGuire, a top executive at Citigroup, is set to leave the bank and run for mayor of New York.

McGuire is a Vice Chairman of Citigroup and Chairman of Banking, Capital Markets and Advisory. He has been privately discussing running for mayor since January.

“We’re in a war for the survival of this great City. Without a doubt we can do this. From the streets to the suites,” McGuire told CNBC, while confirming he plans to announce his departure from the bank on Thursday and jump into the race.

The longtime Citi executive is getting into a crowded Democratic primary field for the mayor’s office. Maya Wiley, a former top attorney for Mayor Bill de Blasio, recently announced her entrance into the race. She was previously a legal analyst for MSNBC. De Blasio’s term ends on the first day of 2022.

McGuire will be surrounded by what a source familiar with the campaign called an “A+ team.” Charles Phillips, one of McGuire’s closest friends and the former CEO of Infor, has been advising him on running for mayor. Phillips told CNBC on Thursday that he will be a co-chair of McGuire’s campaign.

“NYC faces its largest economic challenge in decades and we need to execute with purpose and efficiency,” Phillips told CNBC. “Ray is the right person to lead and unify the city to create something better when we get through this. He took the time to prepare and he’s more than ready to outwork everyone.”

Others familiar with the campaign

This is breaking news. Please check back for updates.



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